Ann: Africa Energy Summit Presentation, page-158

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18/05/24

11:20

Post #: 73891671
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Originally posted by SneakyJonny: ↑

Below is a link to another fireside chat that discusses the inclusion of the relevant amendment in the finance bill (recorded August 2022). The discussion starts at timestamp 54:00:

"On the PPSA, what has been holding that up, and again this goes to making sure we do things properly, even though we have the agreement finalized, the government hasn't been able to execute it because there is no enabling legislation that will back this agreement if it's signed. So the PEPDA has been done because it sits within the existing Mines and Minerals Act. But the PPSA, the government could sign it, but then it is only a direct agreement with the government, it's not backed by any legislation. So this will ensure that this agreement has longevity and applicability beyond the current government because it is backed by legislation. So the government has wanted to ensure that it signs the agreement, it's backed by legislation, and the minister who's signing the agreement has the authorization to do it. So that requires an amendment to the petroleum bill. And it's a very small... Mobil had this in their... and luckily it's just sat there in the petroleum bill since Mobil did this. And there's a section in it that says the government can enter into petroleum agreements but there's no definition of what those agreements are. So the amendment is a very very simple and straightforward amendment to define the types of petroleum agreements that the government can enter into. So that's the small little amendment that needs to be done. So that was put into the mid term budget update on the 20th of July [2022] and is going back and parliament will sit on this coming Monday or Tuesday to pass that bill. So once that's done it'll pave the way for that agreement to be signed. Because it requires that parliamentary approval this was the quickest way to get it done rather than try to hear a separate bill for this. That's the route the attorney general advised and so that's the path that we took."

Link: https://youtu.be/f1A1Ydb2plk?si=GkjCMiAYul_uI9hT&t=3240

Another recent fireside chat matches my previous post in that it indicates the most recent delay is getting the sovereign wealth fund constituted post election and up to speed. Discussion begins at 1:46:34; the link is below.

Link: https://youtu.be/ngAhcY1GkpY?si=DRncGiEPaSnrA6Dn&t=6394

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So the legislation is all there, it's just awaiting sovereign wealth fund signing the agreement?

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